Mallinckrodt-Questcor Deal Receives U.S. Antitrust Approval - Quick Facts

(RTTNews) - Mallinckrodt plc (MNK) and Questcor Pharmaceuticals Inc. (QCOR) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), in connection with Mallinckrodt's proposed acquisition of Questcor, was terminated by the United States Federal Trade Commission on May 9, 2014.

The early termination of the HSR waiting period satisfies one of the conditions to the proposed acquisition. The proposed acquisition remains subject to other customary closing conditions, including approval by the shareholders of Questcor and Mallinckrodt. Subject to the satisfaction of these other closing conditions, the transaction is currently expected to be completed in the third calendar quarter of 2014.

In April, Specialty pharmaceuticals company Mallinckrodt and Questcor Pharmaceuticals entered into a definitive agreement for Mallinckrodt to acquire Questcor in a transaction valued at about $5.6 billion.

Questcor shareholders will receive $30 per share in cash and 0.897 Mallinckrodt shares for each share of Questcor they own, for a total consideration of around $86.10 per Questcor share.

Following completion of the merger, Mallinckrodt shareholders will own 50.5 percent and former Questcor shareholders will own around 49.5 percent of the combined company's stock.